Taiwan Stocks: Acer, Asia Optical, Chimei, Epistar, Yulon Motor
The Taiex Index rose 1.4 percent to 7,812.07, set for the highest close since Aug. 15.
Acer Inc. (2353) (2353 TT) increased 1.4 percent to NT$43 after suing its former president for breach of a non-compete clause in an Italian court. Acer is seeking damages as part of its case against former president and chief executive officer Gianfranco Lanci, who departed in March last year and joined Lenovo Group Ltd. in September as a consultant.
Asia Optical Co. (3019 TT) surged by the 6.8 percent daily limit to NT$30.50, set for the highest close since Nov. 17. The electronics maker has become an Apple Inc. supplier, the Economic Daily News reported, without saying where it got the information. Cheng Yi-Lin, spokesman for Asia Optical, wasn’t immediately available for comment at his office.
Apple may introduce the next-generation iPhone in July, according to the report. Catcher Technology Co. (2474 TT), a casing maker for iPhone, gained 5.9 percent to NT$198, set for the highest close since Sept. 16. Largan Precision Co. (3008 TT), a lens maker, increased 4.4 percent to NT$689.
Chimei Innolux Corp. (3481 TT) rose 3 percent to NT$17.10 after Liberty Times reported Foxconn Technology Group Chairman may become Chimei chairman at an election tomorrow. Chief Financial Officer Eddie Chen declined to comment when contacted on his mobile phone today. Separately, Taiwan’s largest maker of liquid-crystal displays is negotiating with banks for syndicated loans worth about NT$200 billion ($6.8 billion), Chen said yesterday. Edmund Ding, spokesman for Foxconn Technology Group, didn’t answer calls to his mobile phone.
Epistar Corp. (2448 TT) gained 2.1 percent to NT$78.60, set for the highest close since July 8. The light-emitting diode maker was raised to “overweight” from “neutral” at JPMorgan Chase & Co.
Yulon Motor Co. (2201 TT) advanced 4.1 percent to NT$63.10, set for the highest close since Nov. 15. Yulon Group is targeting 25 percent sales growth for 2012, Commercial Times reported, without saying where it got the information. Hsiao Ming-huei, spokesman for the company, didn’t immediately answer calls to his office.
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